Passenger car sales in Egypt drop 61% YoY in 9 months; rise 15% in September

From January to the end of September, bus sales fell by 56.6 percent YoY to around 5,700, while truck sales tumbled by 68 percent YoY to around 9,300 in the same period.

However, passenger car sales rose by around 15 percent YoY to 7,887 in September.

Egypt's automotive market has been grappling with instability and unprecedented stagnation since the eruption of the Ukrainian war in February 2022 which affected Egypt's dollar supply and car imports. 

Supply shortages were made worse by the flotation of the Egyptian pound and the subsequent scarcity of the US dollar, which made importing even more difficult.

As a remedy to the situation, Egypt has taken several steps to develop the local automotive industry to keep up with regional players.

In June 2022, the country launched a national strategy for localizing the automotive industry. The strategy aimed to establish Egypt as a main gateway for emerging vehicle markets in Africa and to build strong commercial and investment relations with regional trade partners to ensure sustainable development growth for all sides.

The strategy also includes the Egyptian Automotive Industry Development Program (AIDP), intended to develop existing assembling and manufacturing capacities and encourage new investments in this sector.